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Citi downgrades Australia's Treasury Wine to 'sell', flags US distribution concerns

ReutersJan 14, 2026 8:35 PM

Citi downgrades luxury winemaker Treasury Wine Estates' TWE.AX rating to "sell" from neutral

On Wednesday, Republic National Distributing Company (RNDC) said it was considering to divest operations in seven states

RNDC wholesales for TWE in at least five of them

"Not the news the company needed to start 2026" — Citi

RNDC is one of the largest U.S. wholesale beverage alcohol distributors, specializing in wine and spirits across multiple states

Brokerage says RNDC development has potential to "adversely" impact TWE's 2H26 earnings

Keeps price target at A$4.8 apiece

3 of 15 analysts rate the stock "buy" or higher and 12 "hold", their median PT is A$5.20 – LSEG data

TWE fell 53.8% in 2025

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